Compare Today's 5-Year ARM Refinance Rates
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Mortgage rate trends (APR)
- 30-year fixed
- 15-year fixed
- 5-year ARM
NerdWallet’s mortgage rate insight
6.876%
30-year fixed-rate“
On Sunday, July 20, 2025, the average APR on a 30-year fixed-rate mortgage rose 1 basis point to 6.876%. The average APR on a 15-year fixed-rate mortgage remained at 5.884% and the average APR for a 5-year adjustable-rate mortgage (ARM) remained at 7.379%, according to rates provided to NerdWallet by Zillow. The 30-year fixed-rate mortgage is 1 basis point higher than one week ago and 11 basis points higher than one year ago.
A basis point is one one-hundredth of one percent. Rates are expressed as annual percentage rate, or APR.
Current mortgage and refinance rates
| Product | Interest Rate | APR |
|---|---|---|
| 30-year fixed-rate | 6.872% | 6.876% |
| 20-year fixed-rate | 6.725% | 6.729% |
| 15-year fixed-rate | 5.875% | 5.884% |
| 10-year fixed-rate | 5.773% | 5.794% |
| 7-year ARM | 7.612% | 7.419% |
| 5-year ARM | 7.425% | 7.379% |
| 3-year ARM | 6.500% | 7.182% |
| 30-year fixed-rate FHA | 6.801% | 7.551% |
| 30-year fixed-rate VA | 6.224% | 6.552% |
Data source: ©Zillow, Inc. 2006 - 2021. Use is subject to the Terms of Use
5-year ARM Refinance Rates
NerdWallet’s mortgage comparison tool can help you compare 5-year ARMs and choose the one that works best for you. Just enter some information and you’ll get customized rate quotes chosen from hundreds of participating lenders. No need to give out any personal information or go through a credit check.
What is a 5-year ARM?
A 5-year adjustable rate mortgage, also known as a 5/6 ARM or 5y/6m ARM, is an adjustable-rate mortgage (ARM) with an interest rate that is initially fixed for five years then adjusts every six months. The “5” refers to the number of initial years with a fixed rate, and the “6” refers to how often in months the rate adjusts after the initial period.
The initial fixed interest rate is typically at a low introductory level. After the initial fixed period, the new, adjustable rate, which changes twice a year, is tied to an interest rate index that moves based on a variety of economic and financial market factors. After the introductory period, your interest rate will reset to the indexed rate and then go up if the index rises, and drop if it falls. If you don’t refinance, you’d pay off the loan in 30 years.
When should you consider a 5-year ARM?
For either a new home purchase or refinance, a 5-year ARM makes sense if you plan to refinance your mortgage again or sell your house before the introductory rate expires or if you expect the value of your house to rise quickly. If you choose an ARM, you’ll likely be able to qualify for a larger loan because of the low introductory rate. But be careful, your interest rate and monthly payment could increase after the five-year introductory period and can climb substantially depending on the terms of your specific loan.
If you’re looking to refinance an existing ARM, a new ARM makes particular sense if the end of your low introductory period is approaching and you’re otherwise likely to face an increase in your interest rates.
ARM glossary
Rate cap: The maximum amount your loan’s interest rate can increase for each designated period of time.
2/1/5: Tells you the limits on just how high your interest rate can go. In this example, the initial rate increase can be no more than 2 percentage points. Each subsequent adjustment can be no higher than 1 percentage point — and the last digit represents the lifetime maximum rate increase your loan will allow. In this case, a 5 percentage point maximum increase.
Index and margin: Your loan’s rate is based on an interest rate index plus some fixed percentage. For example, an index rate of 2.25% plus a margin of 1.50 percentage points would mean your interest rate would be 3.75%. [citation 1]
Learn more about adjustable-rate mortgages:
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- Consumer Finance Protection Bureau. For an adjustable-rate mortgage (ARM), what are the index and margin, and how do they work?. Accessed Jun 12, 2025.